Private NFTs vs Public NFTs in String 🧵
String is a decentralized blockchain network that offers a wide range of capabilities for users. String supports both public and private transactions, data, and assets. Lets take a look at its NFTs.
Introduction:
String is a decentralized blockchain network that offers a wide range of capabilities for users. In addition to supporting both public and private transactions, data, and assets, String also allows users to create and manage private NFTs (non-fungible tokens). This means that users can choose the level of accessibility and privacy that is appropriate for their specific needs and use cases. Whether you want to create a public NFT that is accessible to anyone, or a private NFT that is only accessible to a select group of individuals, String makes it easy to do so thanks to its built-in data permission settings. In this article, we will explore the features and capabilities of NFT’s and String in more detail, and why String is capable of pushing forward Private NFT’s into the marketplace.
What are NFT’s?:
Non-fungible tokens, or NFTs, have recently gained widespread popularity as a way to represent ownership and authenticity of digital assets. NFTs make use of blockchain technology to create unique and verifiable digital identities for assets such as artwork, collectibles, and even physical property. NFTs are digital assets that are unique and cannot be exchanged for other assets on a one-to-one basis.
The rise in popularity of NFTs can be attributed to their ability to provide a secure and transparent way to transfer ownership and value of digital assets. They also offer greater control over the distribution and use of these assets, as they can be set to be either private or public.
NFTs have a wide range of usability, from representing ownership of rare and valuable items to providing a new way for artists and creators to monetize their work. They have the potential to disrupt traditional models of ownership and value transfer, making them a fascinating category inside of web 3.
Public vs Private NFT’s
Within this concept of NFT’s exist two types, Private & Public NFTs which are used for different use cases and serve different purposes.Â
Most of the mainstream coverage has been around Public NFT’s such as the Bored Ape Yacht club and cryptopunks so we will start there.
As the name states, public NFTs are NFTs that are visible to the public and can be accessed by anyone. They are often used for buying and selling digital assets, such as art or collectibles, and can be traded on various online platforms. An example of a public NFT might be a digital art piece that is available for purchase on an online marketplace like OpenSea or Rarible.
Public NFt’s by the use of their design, allow important information such as ownership and sales time and transfers to pubic via the use of on-chain data.
Private NFTs are NFTs that follow similar use cases but are instead not visible to the public and can only be accessed by the owner. They are often used for private collections or for storing personal information that the owner does not want to be made public. An example of a private NFT might be a digital art piece that is owned by a collector and is not available for purchase or viewing by the general public. The onchain data which makes a public nft public in this case is not available.
Why Private NFT’s are Useful:
Photo by Carolina Castilla Arias: https://www.pexels.com/photo/close-up-photo-of-pokemon-pikachu-figurine-1716861/
So this leads to the question why Private NFT’s are needed in the first place?
Private NFTs are often used to represent real-world assets (RWA), such as artwork, collectibles, or even physical property. In essence assets that already exist in the real world as the name states but each given a unique digital identity through the use of a private NFT, allowing for secure and verifiable ownership.
A simple way to explain and think through the need of Private NFT’s is with RWAs such as Pokemon cards.Â
Many collectors and traders keep their inventory private in order to protect the value of their cards. If their collection were to become public knowledge, it could potentially lead to a flood of offers and a decrease in the perceived value of their cards.
Private NFTs also allow for greater control over the distribution and ownership of the asset. For instance, a collector may choose to only sell their Pokémon cards to certain buyers, or they may choose to only release a limited number of copies of a particular card. This helps to maintain the rarity and value of the asset.
Private NFT’s restore the basis of private transactions seen in the real world while still having the frictionless transfer of assets and other benefits of a public NFT’s.
Overall, private NFTs play a significant role in the ownership and distribution of RWA, allowing for secure and verifiable ownership while also allowing for greater control over the distribution and value of the asset. Whether it be Pokémon cards or physical property, private NFTs provide a unique and secure way to represent and transfer ownership of valuable assets.Â
What Makes String Different?Â
String's private NFTs (non-fungible tokens) offer a level of exclusivity and ownership that is not possible with traditional, public NFTs. Public NFTs can be bought and sold by anyone, while private NFTs are only accessible to a select group of individuals. This exclusivity can increase the value of private NFTs for collectors, as they can own and trade unique digital assets that are not readily available to the general public. In contrast, public NFTs are widely available and do not offer this level of ownership. Overall, String's private NFTs provide a new level of value and potential for collectors, making them a significant departure from traditional, public NFTs.
Using the String platform, it is easy to create either type of NFT, thanks to the built-in data permission settings which allow users to choose the level of accessibility and privacy that is appropriate for their specific needs and use cases. Overall, the ability to easily create and manage public and private NFTs on the String platform makes it a useful tool for those interested without the complexity currently seen in minting one today.
In summary, both public and private NFTs (non-fungible tokens) are important players in the expanding world of NFTs and the web 3 ecosystem. Each type of NFT has its own data permission settings, and both will likely have a significant impact on the growth and development of this exciting new technology.